Being versatile with IoT

IHS Markit predicts that there will be around 75.4 billion Internet of Things (IoT) devices in the world by 2025. In a few years it will be normal to see internet connected devices appear in most industrial and consumer sectors. Here Jonathan Wilkins, marketing director of obsolete industrial parts supplier EU Automation, explains how the IoT is impacting consumer-facing businesses and what manufacturers can learn from that. IoT devices are everywhere. Some are useful, such as fitness trackers that can show your heart rate, steps and food intake. Some are not so useful, such as the Quirky Egg Minder, that tracks the amount of eggs in your fridge and their expiration dates. If chosen carefully, IoT devices can help a wide range of industries, such as manufacturing, healthcare and city planning. Changing consumer It is predicted that millennials will soon outnumber baby boomers and become the largest group of consumers with disposable income. They are expected to spend around $4 trillion (€3.43 trillion) annually by 2020, so business owners should think about how they can best target this demographic.